| In recent years,the number of mergers and acquisitions of Chinese enterprises has increased year by year,Although the number of successful M&A cases is increasing,the probability of successful merger and reorganization is low at present.However,even though there are many risks,the number of enterprises choosing mergers and acquisitions in the market,For enterprises,merger and reorganization is not only accompanied by risks,but also an opportunity.In April 2008,China Securities Regulatory Commission put forward the requirement that companies must make profit forecast compensation during mergers and acquisitions to reduce information asymmetry and other problems in mergers and acquisitions,to reduce the information asymmetry in acquisition.Although enterprises were not required to sign performance commitment agreements in the process of mergers and acquisitions,most of them were still willing to introduce performance commitment in mergers and acquisitions.On the one hand,the acquirer wants to reduce the risk of merger and acquisition;on the other hand,the acquired enterprise also hopes to convey the good information of enterprise benefit through performance commitment.However,performance commitment is not particularly effective in protecting M&A,and may even increase the risk of the acquirer.Therefore,it is very important to study the risks in performance commitment and consider how to prevent the risks brought by performance commitment.This thesis is based on relevant theories,It mainly studies the risks of performance commitment from signing to the commitment period after signing,and puts forward risk prevention measures through risk analysis.This thesis argues that performance commitment plays a certain positive role in the merger and reorganization of both enterprises,but we cannot blindly believe that the use of performance commitment can guarantee the smooth completion of merger and reorganization.Enterprises should consider the risk of performance commitment and the measures to deal with the risk before signing the agreement.Enterprises should avoid the risks caused by performance commitment when they use performance commitment to guarantee M&A. |
